Liberty Bancorp Reports Earnings For Quarter Ended March 31, 2001

Apr 20, 2001, 01:00 ET from Liberty Bancorp, Inc.

    AVENEL, N.J., April 20 /PRNewswire Interactive News Release/ --
 Liberty Bancorp, Inc. (Nasdaq:   LIBB), the holding company for Liberty Bank,
 today announced earnings of $178,000, or $0.053 per share, for the 3 months
 ended March 31, 2001.  Earnings decreased 48.55%, from $346,000, or $0.099 per
 share for the quarter ended March 31, 2000 and increased $12,000, or 7.23%,
 from $166,000, or $0.05 for the quarter ended December 31, 2000. The decrease
 in earnings for the first quarter of 2001 as compared to the first quarter
 2000 was the combined result of an increase in non-interest expense and a
 decrease in net interest income partially offset by an increase in
 non-interest income.
     The increase in non-interest expense is primarily associated with the
 costs of expansion of the branch network.  The bank completed its expansion
 program with the opening of the Milltown, NJ office in October of 2000 and the
 opening of the Edison, NJ office in February of 2001.  Operating expenses
 associated with staffing, occupancy and promotion of these new locations have
 been in line with expectations.  Non-interest operating expenses increased by
 $313,000, or 21.0%, to $1,804,000 for the quarter ended March 31, 2001 from
 $1,491,000 for the same period in year 2000.  Non-operating expenses for the
 quarter ended March 31, 2001 increased $102,000, or 6.00% from $1,702,000 for
 the quarter ended December 31, 2000.
     Net interest income decreased $52,000, or 2.6%, to $1,932,000 for the
 quarter ended March 31, 2001 from $1,984,000 for the same period in 2000.  The
 decline in net interest income is the result of a decline in the interest rate
 spread to 2.12% from 2.34% for the quarters ended March 31, 2001 and 2000,
 respectively.  This twenty-two (22) basis point decrease in the interest rate
 spread is the result of a 30 basis point increase in the cost of funds offset
 by an 8 basis point increase in the yield on earning assets.
     Non-interest income increased $88,000, or 120.5%, to $161,000 for the
 quarter ended March 31, 2001 from $73,000 for the same period in 2000.  The
 increase in non-interest income is the result of fees received on new deposit
 accounts and from the sale of investment products in the branches.
     The Company's assets increased $20.9 million, or 7.3%, to $307.2 million
 at March 31, 2001 from $286.3 million at March 31, 2000.  Loans receivable
 increased $8.9 million, or 4.3%, to $216.3 million from $207.4 million.
 Deposits increased $21.8 million, or 9.9%, to $240.0 million at March 31, 2001
 from $218.2 million at March 31, 2000.  Stockholders' equity decreased
 $186,000, or .6%, to $31.5 million from $31.7 million over the same period.
 The decrease in stockholders' equity is the result of treasury stock purchases
 and dividends paid offset by the company's earnings and increases in the
 market value of securities available for sale.
     The Company completed its stock repurchase program of 148,067 shares on
 March 27, 2001.  Shares outstanding decreased by 4.17% to 3,400,332 shares at
 March 31, 2001 from 3,548,399 for the same period in 2000.
     On April 18, 2001 Board of Directors declared a three cent ($0.03)
 dividend for the quarter ended March 31, 2001 to shareholders of record
 May 2, 2001, payable on May 16, 2001.
 
                             Liberty Bancorp, Inc.
                            Selected Financial Data
 
                                       At               At             At
                                   31-Mar-01        31-Dec-00      31-Mar-00
                                  (Unaudited)       (Audited)     (Unaudited)
                                                 (In Thousands)
 
     Selected Financial Condition Data:
 
     Total Assets                   $307,172        $291,614      $286,314
     Loans Receivable, net (1)       216,341         218,275       207,411
     Securities Available For Sale    59,374          38,533        46,170
     Securities Held to Maturity      14,596          19,485        19,478
     Deposits                        239,958         223,609       218,311
     Advances and Other Borrowings    32,585          32,388        33,394
     Stockholders' Equity             31,513          32,526        31,699
 
                                                Three Months Ended
     Selected Operating Data:        31-Mar-01                     31-Mar-00
 
     Interest Income                  $5,137                        $4,829
     Interest Expense                  3,205                         2,845
     Net Interest Income               1,932                         1,984
     Provision for Loan Losses            40                            30
     Non-interest income                 161                            73
     Non-interest expense              1,804                         1,491
     Income before income taxes          249                           536
     Income taxes                         71                           190
     Net income                         $178                          $347
 
     (1) The allowance for loan losses at March 31, 2001 was $926,030
 
     Selected Financial Ratios and Other Data:
 
     Performance Ratios:
 
     Return on Average Assets         0.238%                        0.488%
     Return on Average Equity         2.220%                        4.354%
     Interest rate spread              2.12%                         2.34%
 
     Asset Quality Ratios:
 
     Non-performing assets to
      total assets                    0.079%                        0.124%
     Allowance for loan losses
      to non-performing loans        382.68%                       230.42%
     Non-performing loans to
      total assets                    0.079%                        0.124%
     Non-performing loans to
      total loans receivable          0.112%                        0.171%
 
     Capital Ratios:
 
     Equity to total assets           10.26%                        11.07%
 
     Per Share Information
 
     Basic                           $0.0525                       $0.0993
     Diluted                         $0.0525                       $0.0993
     Book Value                        $9.30                         $9.08
 
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SOURCE Liberty Bancorp, Inc.
    AVENEL, N.J., April 20 /PRNewswire Interactive News Release/ --
 Liberty Bancorp, Inc. (Nasdaq:   LIBB), the holding company for Liberty Bank,
 today announced earnings of $178,000, or $0.053 per share, for the 3 months
 ended March 31, 2001.  Earnings decreased 48.55%, from $346,000, or $0.099 per
 share for the quarter ended March 31, 2000 and increased $12,000, or 7.23%,
 from $166,000, or $0.05 for the quarter ended December 31, 2000. The decrease
 in earnings for the first quarter of 2001 as compared to the first quarter
 2000 was the combined result of an increase in non-interest expense and a
 decrease in net interest income partially offset by an increase in
 non-interest income.
     The increase in non-interest expense is primarily associated with the
 costs of expansion of the branch network.  The bank completed its expansion
 program with the opening of the Milltown, NJ office in October of 2000 and the
 opening of the Edison, NJ office in February of 2001.  Operating expenses
 associated with staffing, occupancy and promotion of these new locations have
 been in line with expectations.  Non-interest operating expenses increased by
 $313,000, or 21.0%, to $1,804,000 for the quarter ended March 31, 2001 from
 $1,491,000 for the same period in year 2000.  Non-operating expenses for the
 quarter ended March 31, 2001 increased $102,000, or 6.00% from $1,702,000 for
 the quarter ended December 31, 2000.
     Net interest income decreased $52,000, or 2.6%, to $1,932,000 for the
 quarter ended March 31, 2001 from $1,984,000 for the same period in 2000.  The
 decline in net interest income is the result of a decline in the interest rate
 spread to 2.12% from 2.34% for the quarters ended March 31, 2001 and 2000,
 respectively.  This twenty-two (22) basis point decrease in the interest rate
 spread is the result of a 30 basis point increase in the cost of funds offset
 by an 8 basis point increase in the yield on earning assets.
     Non-interest income increased $88,000, or 120.5%, to $161,000 for the
 quarter ended March 31, 2001 from $73,000 for the same period in 2000.  The
 increase in non-interest income is the result of fees received on new deposit
 accounts and from the sale of investment products in the branches.
     The Company's assets increased $20.9 million, or 7.3%, to $307.2 million
 at March 31, 2001 from $286.3 million at March 31, 2000.  Loans receivable
 increased $8.9 million, or 4.3%, to $216.3 million from $207.4 million.
 Deposits increased $21.8 million, or 9.9%, to $240.0 million at March 31, 2001
 from $218.2 million at March 31, 2000.  Stockholders' equity decreased
 $186,000, or .6%, to $31.5 million from $31.7 million over the same period.
 The decrease in stockholders' equity is the result of treasury stock purchases
 and dividends paid offset by the company's earnings and increases in the
 market value of securities available for sale.
     The Company completed its stock repurchase program of 148,067 shares on
 March 27, 2001.  Shares outstanding decreased by 4.17% to 3,400,332 shares at
 March 31, 2001 from 3,548,399 for the same period in 2000.
     On April 18, 2001 Board of Directors declared a three cent ($0.03)
 dividend for the quarter ended March 31, 2001 to shareholders of record
 May 2, 2001, payable on May 16, 2001.
 
                             Liberty Bancorp, Inc.
                            Selected Financial Data
 
                                       At               At             At
                                   31-Mar-01        31-Dec-00      31-Mar-00
                                  (Unaudited)       (Audited)     (Unaudited)
                                                 (In Thousands)
 
     Selected Financial Condition Data:
 
     Total Assets                   $307,172        $291,614      $286,314
     Loans Receivable, net (1)       216,341         218,275       207,411
     Securities Available For Sale    59,374          38,533        46,170
     Securities Held to Maturity      14,596          19,485        19,478
     Deposits                        239,958         223,609       218,311
     Advances and Other Borrowings    32,585          32,388        33,394
     Stockholders' Equity             31,513          32,526        31,699
 
                                                Three Months Ended
     Selected Operating Data:        31-Mar-01                     31-Mar-00
 
     Interest Income                  $5,137                        $4,829
     Interest Expense                  3,205                         2,845
     Net Interest Income               1,932                         1,984
     Provision for Loan Losses            40                            30
     Non-interest income                 161                            73
     Non-interest expense              1,804                         1,491
     Income before income taxes          249                           536
     Income taxes                         71                           190
     Net income                         $178                          $347
 
     (1) The allowance for loan losses at March 31, 2001 was $926,030
 
     Selected Financial Ratios and Other Data:
 
     Performance Ratios:
 
     Return on Average Assets         0.238%                        0.488%
     Return on Average Equity         2.220%                        4.354%
     Interest rate spread              2.12%                         2.34%
 
     Asset Quality Ratios:
 
     Non-performing assets to
      total assets                    0.079%                        0.124%
     Allowance for loan losses
      to non-performing loans        382.68%                       230.42%
     Non-performing loans to
      total assets                    0.079%                        0.124%
     Non-performing loans to
      total loans receivable          0.112%                        0.171%
 
     Capital Ratios:
 
     Equity to total assets           10.26%                        11.07%
 
     Per Share Information
 
     Basic                           $0.0525                       $0.0993
     Diluted                         $0.0525                       $0.0993
     Book Value                        $9.30                         $9.08
 
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 SOURCE  Liberty Bancorp, Inc.